Insurance Help

[junkie_ball]

Ok been doing some research for insurance.

I have taken delivery of a new bike which costs 3k + and my house hold insurance just doesn't cut it for a bike of this value. I have been looking at bike specific insurance but the exclusions lists and things you have to do to ensure compliance so the insurance will pay out seems to be endless. Can anyone recommend an insurance company that their exclusions / hoops you have to jump through to insure they will payout if the worse happens is sensible?

I understand all insurance companies will have terms but i can only seem to find companies with never ending loop holes and exclusions and i want to ensure i will be covered if the worse does ever happen. I should point out i'm looking to cover theft first off and then if i can afford it i will add 3rd party liability after.

 

[slowmotion]

Welcome to dealing with the insurance industry.
A bigger bunch of spivs never walked the Planet.

 

[Accy cyclist]

Welcome to dealing with the insurance industry.
A bigger bunch of spivs never walked the Planet.

True but they hike their prices to cover for the claims for stolen property that hasn't been stolen. Or the "five thousand pounds" settees damaged in floods.

 

[alicat]

Get third party liability first eg from CTC. It's good catastrophe cover.

When is your household contents cover up? Some of the more expensive standard policies cover bikes as standard. I stopped covering my bikes (they aren't eye-wateringly expensive and I can afford a loss); however that's the way I'd go if I wanted to insure my bikes.

 

[Dave7]

I am with the coop insurance. My 2 bikes are worth £1900.00 & £1100.00. I have them both specified (although £2000.00 is the max).
Last year the thieves broke in through the pitched garage roof and through the ceiling.............and took both of them. The coop paid for one on the contents and the other on the bikes. No problem. They also paid for the roof/ceiling repairs.
May be worth trying them.
BTW.........the new ones are now both shackled to 20mm steel anchors with gold secure locks. The ceiling has been re-enforced and the door is now locked from inside & out.........plus an alarm.

 

[MichaelW2]

Sounds like you need an insurance policy for "high net worth individuals"; yes that is a real term.
When I worked in bike insurance claims handling, Hiscox was always a good payer.

 

[srw]

Sounds like you need an insurance policy for "high net worth individuals"; yes that is a real term.
When I worked in bike insurance claims handling, Hiscox was always a good payer.

Other High (and Medium) Net Worth policies are available. Ours covers all bikes, without them needing to be specified. It's not cheap, even after a staff discount, though.

I believe that Hiscox has tightened up its rules, but could be wrong.

The OP might find it helpful to visit a High Street broker.

 

[vickster]

I'm with the AA (Zurich from memory). No need to name bikes up to £1500 but can't imagine there'd be an issue naming one for £3k. Covered away from home and accidental damage

No ridiculous conditions either

 

[numbnuts]

Insurance lasts a year a very large U-lock and higher security to your home/garage/shed lasts a lifetime.

 

[derrick]

Insurance is for selling, Not buying.

 

[srw]

Insurance is for selling, Not buying.

No-one would be able to sell if no-one wanted to buy.

 

[derrick]

No-one would be able to sell if no-one wanted to buy.

There is always someone wanting to buy, Hence this thread.

 

[junkie_ball]

Thanks for all the advice. Will have a look into some of this.

There is always someone wanting to buy, Hence this thread.

Not really wanting to buy but i don't do the house insurance myself (as currently back at parents for awhile) and have been told it only covers unto 1K for bikes and they don't want to increase it which is fair enough. This is why i was asking about companies that didn't have reams of hoops to jump through to make sure your cover was honoured as whilst security where the bike is kept is good i don't want to have to pay for an anchor etc. only then to move and have to either move the anchor or more likely buy another one.

 

[vickster]

Can you not ask them to add the bike as a named item and pay them for the increased premium? If wanting to protect the bike, paying £50 for an anchor seems a small price at least for the peace of mind

 

[kiriyama]

Welcome to dealing with the insurance industry.
A bigger bunch of spivs never walked the Planet.

I put them in the same group of vultures as estate agents. Swines